{"id":16377,"date":"2025-08-26T10:21:48","date_gmt":"2025-08-26T16:21:48","guid":{"rendered":"https:\/\/footwearmagazine.com\/?p=16377"},"modified":"2025-08-26T10:21:48","modified_gmt":"2025-08-26T16:21:48","slug":"on-holding-reports-38-sales-growth-in-q2-2025","status":"publish","type":"post","link":"https:\/\/footwearmagazine.com\/?p=16377","title":{"rendered":"On Holding Reports 38% Sales Growth in Q2 2025"},"content":{"rendered":"<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.on.com\/en-us\/\" target=\"_blank\" rel=\"nofollow noopener\">On Holding AG<\/a>, better known as <a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.on.com\/en-us\/\" target=\"_blank\" rel=\"nofollow noopener\">On Running<\/a>, continues its rapid ascent in the premium footwear and athletic lifestyle space, posting remarkable financial results for the second quarter and first half of 2025, ending June 30. With a diversified portfolio, innovative product pipeline, and expanding global reach, the Swiss-founded brand is redefining performance and style for runners, athletes, and outdoor enthusiasts worldwide.<\/p>\n<h3 class=\"mb-2 mt-4 font-semimedium text-base first:mt-0\">Strategic Leadership: Playing the Long Game<\/h3>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.linkedin.com\/in\/dallemann\/?originalSubdomain=ch\" target=\"_blank\" rel=\"nofollow noopener\">David Allemann<\/a>, <strong>Co-Founder and Executive Co-Chairman<\/strong>, <a href=\"https:\/\/www.businesswire.com\/news\/home\/20250812102818\/en\/On-Reports-Results-for-the-Second-Quarter-and-Six-Month-Period-Ended-June-30-2025\">framed<\/a> the quarter as a testament to On\u2019s disciplined strategy and multi-decade brand building:<\/p>\n<blockquote>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">\u201cOur Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working\u2014from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint. The future of On is taking shape right now, and the most exciting chapters are ahead of us.\u201d<\/p>\n<\/blockquote>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/investors.on-running.com\/governance\/board-of-directors\/person-details\/default.aspx?ItemId=7ceb3fb9-7ea0-48a5-8136-c52dc82df842\" target=\"_blank\" rel=\"nofollow noopener\">Martin Hoffmann<\/a>, <strong>CEO and CFO<\/strong>, <a href=\"https:\/\/www.businesswire.com\/news\/home\/20250812102818\/en\/On-Reports-Results-for-the-Second-Quarter-and-Six-Month-Period-Ended-June-30-2025\">added<\/a>:<\/p>\n<blockquote>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">\u201cWe&#8217;re one and a half years into our three-year strategic plan, and the results of our consistent execution and unwavering focus are clearly visible in the outstanding numbers we report today. Our premium positioning is coming to life across every consumer touchpoint, with product innovation, storytelling and distribution all working together to elevate the brand further. We&#8217;re also incredibly encouraged by the strong engagement and enthusiasm we&#8217;re seeing from our&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/customer-service.on-running.com\/en-us\/dealers\/\" target=\"_blank\" rel=\"nofollow noopener\">retail partners<\/a>, whose support adds to the momentum behind the brand. Our performance gives us strong conviction in the impact of our strategy and the opportunities ahead to build an even more distinctive and desirable global brand.\u201d<\/p>\n<\/blockquote>\n<h3 class=\"mb-2 mt-4 font-semimedium text-base first:mt-0\">Financial Highlights: Q2 and Six-Month Metrics<\/h3>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Q2 2025 vs Q2 2024<\/strong><\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net sales<\/strong>&nbsp;up&nbsp;<strong>32.0%<\/strong>&nbsp;to CHF 749.2M;&nbsp;<strong>+38.2%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Direct-to-consumer (&#8220;DTC&#8221;) sales<\/strong>&nbsp;up&nbsp;<strong>47.2%<\/strong>&nbsp;to CHF 308.3M;&nbsp;<strong>+54.3%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Wholesale sales<\/strong>&nbsp;up&nbsp;<strong>23.1%<\/strong>&nbsp;to CHF 441.0M;&nbsp;<strong>+28.8%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Regional performance:<\/strong><\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>EMEA:<\/strong>&nbsp;up&nbsp;<strong>42.9%<\/strong>&nbsp;to CHF 197.8M;&nbsp;<strong>+46.1%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Americas:<\/strong>&nbsp;up&nbsp;<strong>16.8%<\/strong>&nbsp;to CHF 432.3M;&nbsp;<strong>+23.6%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Asia-Pacific:<\/strong>&nbsp;up&nbsp;<strong>101.3%<\/strong>&nbsp;to CHF 119.2M;&nbsp;<strong>+110.9%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Product lines:<\/strong><\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Shoes:<\/strong>&nbsp;up&nbsp;<strong>29.9%<\/strong>&nbsp;to CHF 704.9M;&nbsp;<strong>+36.0%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Apparel:<\/strong>&nbsp;up&nbsp;<strong>67.5%<\/strong>&nbsp;to CHF 36.7M;&nbsp;<strong>+75.5%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Accessories:<\/strong>&nbsp;up&nbsp;<strong>133.3%<\/strong>&nbsp;to CHF 7.7M;&nbsp;<strong>+143.2%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Gross profit<\/strong>&nbsp;up&nbsp;<strong>35.4%<\/strong>&nbsp;to CHF 460.8M; Margin&nbsp;<strong>61.5%<\/strong>&nbsp;(from 59.9%)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net income \/ (loss):<\/strong>&nbsp;declined&nbsp;<strong>232.7%<\/strong>&nbsp;to CHF (40.9)M (from CHF 30.8M), margin drops to&nbsp;<strong>(5.5)%<\/strong>&nbsp;from&nbsp;<strong>5.4%<\/strong><\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Basic EPS Class A:<\/strong>&nbsp;CHF&nbsp;<strong>(0.12)<\/strong>&nbsp;(vs CHF 0.10);&nbsp;<strong>Adjusted EBITDA<\/strong>&nbsp;up&nbsp;<strong>50.0%<\/strong>&nbsp;to CHF 136.1M<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Adjusted EBITDA margin:<\/strong>&nbsp;<strong>18.2%<\/strong>&nbsp;(from 16.0%)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Adjusted net income:<\/strong>&nbsp;CHF&nbsp;<strong>(29.7)M<\/strong>&nbsp;(from CHF 46.9M)<\/p>\n<\/li>\n<\/ul>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Six Months To June 30, 2025 vs 2024<\/strong><\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net sales<\/strong>&nbsp;up&nbsp;<strong>37.2%<\/strong>&nbsp;to CHF 1,475.8M;&nbsp;<strong>+39.1%<\/strong>&nbsp;constant currency<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>DTC:<\/strong>&nbsp;up&nbsp;<strong>46.3%<\/strong>&nbsp;to CHF 585.2M<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Wholesale:<\/strong>&nbsp;up&nbsp;<strong>31.8%<\/strong>&nbsp;to CHF 890.6M<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">Regional: EMEA +38.5%, Americas +24.3%, APAC +114.8%<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Gross profit<\/strong>&nbsp;up&nbsp;<strong>39.2%<\/strong>&nbsp;to CHF 896.1M; Margin&nbsp;<strong>60.7%<\/strong>&nbsp;(from 59.8%)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net income:<\/strong>&nbsp;CHF&nbsp;<strong>15.8M<\/strong>&nbsp;(from CHF 122.2M); margin&nbsp;<strong>1.1%<\/strong>&nbsp;(from 11.4%)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Adjusted EBITDA:<\/strong>&nbsp;CHF&nbsp;<strong>256.1M<\/strong>&nbsp;(from CHF 168.2M); margin&nbsp;<strong>17.4%<\/strong>&nbsp;(from 15.6%)<\/p>\n<\/li>\n<\/ul>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Balance Sheet (June 30, 2025 vs Dec 31, 2024):<\/strong><\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Cash &amp; equivalents:<\/strong>&nbsp;CHF&nbsp;<strong>846.6M<\/strong>&nbsp;(down 8%)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net working capital:<\/strong>&nbsp;CHF&nbsp;<strong>533.4M<\/strong>&nbsp;(up 6.9%)<\/p>\n<\/li>\n<\/ul>\n<h3 class=\"mb-2 mt-4 font-semimedium text-base first:mt-0\">Strategic Growth: Products, Regions, and Channels<\/h3>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">The quarter saw strong momentum across all channels and regions.&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.on.com\/en-us\/shop\/\" target=\"_blank\" rel=\"nofollow noopener\">Direct-to-consumer sales<\/a>&nbsp;grew 54.3% (constant currency), showcasing On\u2019s success online and through branded retail. Wholesale partners also contributed robust growth, especially in EMEA and Asia-Pacific.&nbsp;Global expansion and the introduction of innovative products in shoes, apparel, and accessories continue to drive brand awareness and consumer engagement.<\/p>\n<h3 class=\"mb-2 mt-4 font-semimedium text-base first:mt-0\">Updated Outlook: Raised Guidance and Brand Conviction<\/h3>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">Building on its Q2 and first-half results, On Holding AG is&nbsp;<strong>raising guidance for 2025<\/strong>:<\/p>\n<ul class=\"marker:text-quiet list-disc\">\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Net sales:<\/strong>&nbsp;Expected up at least 31% YoY (constant currency), at least CHF 2.91B (previously CHF 2.86B at spot rates)<\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Gross profit margin:<\/strong>&nbsp;Estimated range&nbsp;<strong>60.5%\u201361.0%<\/strong><\/p>\n<\/li>\n<li class=\"py-0 my-0 prose-p:pt-0 prose-p:mb-2 prose-p:my-0 [&#038;>p]:pt-0 [&#038;>p]:mb-2 [&#038;>p]:my-0&#8243;>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\"><strong>Adjusted EBITDA margin:<\/strong>&nbsp;Estimated range&nbsp;<strong>17.0%\u201317.5%<\/strong><\/p>\n<\/li>\n<\/ul>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">The new outlook factors in regulatory changes, including reciprocal tariffs per the July 31, 2025, <a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/\" target=\"_blank\" rel=\"nofollow noopener\">US Presidential Executive Order<\/a>. The Company\u2019s forward-looking guidance is based on non-IFRS metrics due to forecasting complexity.<\/p>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">See&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.sec.gov\/edgar\/browse\/?CIK=1840482\" target=\"_blank\" rel=\"nofollow noopener\">SEC filings<\/a>&nbsp;and&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/investors.on-running.com\/\" target=\"_blank\" rel=\"nofollow noopener\">On\u2019s investor disclosures<\/a> for detailed risk factors and reconciliation explanations.<\/p>\n<h2 class=\"mb-2 mt-4 font-semimedium text-base first:mt-0\">Final Thoughts<\/h2>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">On\u2019s Q2 and first-half 2025 performance underscore the brand\u2019s premium positioning, global reach, and relentless innovation, from iconic footwear franchises&nbsp;to breakthrough apparel and accessories. As On marches forward with increased guidance and continued momentum, the brand\u2019s long-game strategy and deep retail partnerships are shaping the industry\u2019s most exciting chapters yet.<\/p>\n<p class=\"my-2 [&#038;+p]:mt-4 [&#038;_strong:has(+br)]:inline-block [&#038;_strong:has(+br)]:pb-2\">For brand stories, product launches, and investor details, visit&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/www.on.com\/en-us\/\" target=\"_blank\" rel=\"nofollow noopener\">on.com<\/a>&nbsp;and&nbsp;<a class=\"break-word hover:text-super hover:decoration-super underline decoration-from-font underline-offset-1 transition-all duration-300\" href=\"https:\/\/investors.on-running.com\/\" target=\"_blank\" rel=\"nofollow noopener\">On Running Investor Relations<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"On Holding AG, better known as On Running, continues its rapid ascent in the premium footwear and 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